MGTA02H3 Chapter Notes - Chapter 14: Cash Flow, Expert System, Investment
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MGTA02H3 Full Course Notes
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What is a accounting and who uses it. Who are accountants and what do they do. Cpa vision project: established (us) to assess the future of accounting (explains how six classes of global forces are driving the professions reorientation) Accounting should adopt a broader focus beyond numbers that includes strategic thinking. It should add more value to society by expanding knowledge, education, and experience. 365 (days) divided by the inventory turnover ratio = number of days it takes for new merchandise to replace old during the year (how quickly inventory is produced and sold) < cost of goods sold average inventory. Board (iasb) which tries to eliminate national differences in accounting (standardization is occurring in some areas, but not everywhere) Iasb financial statements include income statement, balance sheet, statement of cash flows (international standards do not require a uniform format) o.
